Moolec Science S.A.

Moolec said normalized revenues and other income excluding IAS29 increased $4.8 million year over year, from approximately $1 million in FY2023 to $5.8 million in FY2024. Normalized cost of sales rose from close to $1 million to $4.5 million, and SG&A plus R&D increased $3.1 million from $6.2 million to $9.3 million. Cash used in operating activities increased from $7.5 million to $9.3 million, and cash was approximately $5.4 million at Q4 2024. Management said the soy ingredient business produced revenues in the range of $6 million in FY2024, and for FY2025 they expect Glaso to contribute around 15% of total revenue, with the soy ingredient business still around $6 million as a reasonable indication of the base business. They also said the first Glaso campaign should produce around 50 to 70 tons, with about 50 tons tied to the commercial contract, and that the HB4 soybean purchase via convertible note covers projected raw material needs until approximately December 2025.

Gaston Paladini framed FY2024 as a year of exceptional execution across science, operations, and regulation, repeatedly stressing that Moolec is now moving from development into commercialization. He said Glaso is the company’s first real U.S. commercial rollout and called the three-year offtake agreement proof that the plan is working. His tone was very upbeat and confident, but he also emphasized discipline on spending, step-by-step operational execution, and continued focus on stewardship and regulatory progress.

Jose Lopez Lecube focused on the bridge from development spending to a more commercial revenue mix. He cited FY2024 normalized revenue and other income of $5.8 million, cost of sales of $4.5 million, SG&A and R&D of $9.3 million, and operating cash usage of $9.3 million, with cash of about $5.4 million at quarter end. He also highlighted the strategic HB4 soybean purchase via convertible note, saying it secures raw material needs for the soy protein ingredient business until about December 2025 and supports traceability and supply stability. For FY2025, he said Glaso should begin contributing incremental revenue and could be about 15% of total revenue, while the soy ingredient business remains the base.

Analysts focused on the size, timing, and durability of the Glaso opportunity, including the offtake agreement, the first harvest volumes, and whether additional commercial agreements could follow. Management said the current Glaso contract is a three-year agreement for pet food, with roughly 50 tons expected for that customer and total first-year production around 50 to 70 tons, while remaining output could be used for other customers and sampling. They said no additional Glaso offtake agreements are signed yet, but they are in conversations with other customers and may rely on spot sales this campaign. Questions on Piggy Sooy centered on the FDA path and commercialization timing; management reiterated that field trials in three U.S. locations are intended to support FDA data collection and product sampling, and said they are not envisioning delays with commercialization still targeted for 2027-2028.